China Financial News

NEW DELHI : India’s merchandise trade gap swelled to the highest in 10 months in August as exports continued to slow due to weak demand in the West and China, even as sustained geo-political tensions keep inflation and interest rates elevated. Commerce ministry data showed on Friday that exports slipped nearly 7% to $34.48 billion in August from $37.02 billion a year earlier. Meanwhile, imports declined to $58.64 billion from $61.88 billion last year, leaving the trade balance at $24.16 billion.

NEW DELHI : Noida-headquartered contract manufacturing firm, Dixon Technologies (India) Ltd, is in the process of inaugurating the setting up of a 1 million square-foot assembly facility for Chinese electronics brand Xiaomi, two people with knowledge of the matter told Mint. This will be one of two such new facilities by Dixon, the second of which is expected in one of the southern Indian states—and could cater to demand from other brands and product categories.

China has reported its factories picked up their pace and retail sales also gained momentum in August, suggesting the economy may be gradually recovering from its post-pandemic malaise

The leaders of China and Zambia have announced an upgrading of their ties as the world’s second-largest economy forges deeper ties with the Global South

Germany’s city of Munich is getting ready to tap the kegs for Oktoberfest

Space Station on Friday amid raging tensions between Moscow and Washington over Ukraine. Roscosmos cosmonauts Oleg Kononenko and Nikolai Chub and NASA astronaut Loral O'Hara lifted off from the Baikonur cosmodrome in Kazakhstan aboard the Soyuz MS-24 spacecraft, which spewed a torrent of fire. The crew was expected to dock at the ISS three hours later.

Flying rights are allocated on a bilateral reciprocal basis by the government to airlines of their country. Airlines cannot operate more flights than they are allotted.

₹7,534 per bbl, having swung between ₹7,417 and ₹7,568 per bbl during the session so far, against a previous close of ₹7,501 per barrel. -Earlier this month, oil producers Saudi Arabia and Russia extended their voluntary oil output cuts of a combined 1.3 million barrels per day (bpd) to the end of the year which resulted in a sharp surge in international crude prices - reaching a 10-month high peak. The supply concerns have pushed the Brent and WTI benchmarks to their highest levels since November.

syndicated loan as the kingdom seeks to finance its investment plans, Bloomberg News reported on Friday. The kingdom's Ministry of Finance has appointed Industrial & Commercial Bank of China Ltd (ICBC) as coordinator and bookrunner for the long-term senior unsecured loan, the report said citing people familiar with the matter. The 10-year loan is offering an interest rate of 100 basis points over the Secured Overnight Financing Rate — the usual reference rate when borrowing in dollars, the report added. ICBC has invited other banks to participate in the loan and has asked interested parties to respond before mid-October, Bloomberg reported. Saudi Arabia's Ministry of Finance and ICBC did not immediately respond to a Reuters request for comment. Personally spearheaded by Crown Prince Mohammed bin Salman, Saudi Arabia has embarked on an ambitious economic plan. known as Vision 2030 to diversify into sectors such as tourism, develop massive infrastructure projects, and grow the financial and private sectors. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has been tasked with delivering Vision 2030 targets, which requires billions in investment.

By Ellen Zhang and Joe Cash

Wells Fargo remains bullish on autonomous driving tech company, Mobileye Global Inc (NASDAQ:MBLY) with an Overweight rating and a 12-month price target of $50.00 on the stock after the company announced a strategic partnership with FAW Group.

₹45,000 crore, including ones to acquire 12 Su-30 MKI fighter jets, maufactured by Hindustan Aeronautics Limited (HAL). The ₹11,000 crores project would include the aircraft and related ground systems, defence officials have said. “The aircraft would include more than 60 per cent indigenous content as per the requirement.

Germany saw a 75% jump in imports of vehicles and vehicle parts from China, whereas trade in the opposite direction declined, highlighting the growing challenges faced by Europe's largest automotive manufacturing hub.

Toyota Motor Corp is on track for record annual sales in India, a senior executive told Reuters, as its partnership with Suzuki Motor, which has a portfolio of affordable cars, attracts a new set of buyers. Toyota sold over 160,000 cars in India last year and had sold close to 150,000 by the end of August this year, Atul Sood, vice president of sales told Reuters. «We are confident of closing this calendar year with our best ever performance and setting a new benchmark,» Sood said. Toyota's India business has been the biggest beneficiary of its global partnership with Suzuki which allows the two Japanese carmakers to share technology and vehicles.

Investing.com — Oil prices edged lower Friday, with traders taking profit from the hefty gains seen this week, largely on optimism that the vital Chinese economy is showing signs of improvement.

Investing.com — Oil prices edged lower Friday, with traders taking profit from the hefty gains seen this week, largely on optimism that the vital Chinese economy is showing signs of improvement.

The EUR/USD dropped 0.8%, reaching 1.063, following the European Central Bank's decision to raise its policy rate by 25 basis points and its continued pessimistic outlook.

By Lucia Mutikani

The artificial intelligence (AI) market has been growing at an exponential pace over the last couple of years, thanks in large part to consumer-ready products such as ChatGPT, Google Bard and IBM Watson that are now being used commonly across the globe. 

Ethereum (ETH) co-founder Vitalik Buterin has issued a word of caution to cryptocurrency projects considering establishing their operations in Hong Kong. 

Mint takes a closer look at the developments. A career military officer, Li Shangfu trained as an engineer and joined the People’s Liberation Army in 1982. Prior to his appointment as China’s defence minister in 2023, he served as deputy head of the Strategic Support Force, which focused on building up the country’s space and cyber capabilities.